The Cross Elasticity of Demand for Good a with Respect

question 1

Multiple Choice

The cross elasticity of demand for good A with respect to the price of good B is -1.5.A 10 percent rise in the price of good B will lead to

• A)an increase of 1.5 percent in the quantity of A demanded.
• B)an increase of 15 percent in the quantity of A demanded.
• C)a decrease of 15 percent in the quantity of A demanded.
• D)an increase of 6.7 percent in the quantity of A demanded.
• E)a decrease of 6.7 percent in the quantity of A demanded.

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